KeySpan Energy Delivery Long Island Jun 09
Standard & Poors, June 2009
Abstract
Stable distribution operations; Operating, market, and regulatory diversity; and Supportive regulatory environments. Requirement for distribution companies to operate as providers of last resort, albeit with full recovery of incurred costs; Moderately aggressive financial profile; Challenges of integrating electricity and gas utility company KeySpan Corp. into the group; and a Revision of NG's dividend policy, which reduces financial flexibility. The ratings on KeySpan Energy Delivery Long Island (KEDLI) reflect the consolidated credit profile of its parent National Grid USA (an indirect, wholly owned subsidiary of U.K.-based National Grid PLC (NG)) and its U.S.-based regulated operating unit, KeySpan Corp. and its subsidiaries, which it acquired in August 2007. The corporate credit ratings of the two New York natural gas distribution companies KEDLI...
Companies mentioned in this report are: KeySpan Gas East Corp.,The Brooklyn Union Gas Company,Massachusetts Electric Co.,Narragansett Electric Co.,National Grid USA,New England Power Co.,Niagara Mohawk Power Corp.,National Grid Gas PLC,National Grid Electricity Transmission PLC,KeySpan Corp.,KeySpan Generation LLC,National Grid Holdings One PLC,National Grid Gas Holdings PLC,Lattice Group PLC,National Grid PLC
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
KeySpan Gas East Corp.,The Brooklyn Union Gas Company,Massachusetts Electric Co.,Narragansett Electric Co.,National Grid USA,New England Power Co.,Niagara Mohawk Power Corp.,National Grid Gas PLC,National Grid Electricity Transmission PLC,KeySpan Corp.,KeySpan Generation LLC,National Grid Holdings One PLC,National Grid Gas Holdings PLC,Lattice Group PLC,National Grid PLC
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